'"Car electrification is an irreversible trend," said Jacques Aschenbroich, chief executive of auto supplier Valeo (VLOF.PA), which has expanded sales by 50 percent in five years with a focus on electric, hybrid, connected and self-driving cars.

'China, struggling with catastrophic pollution levels in major cities, is aggressively pushing plug-in vehicles. Its carrot-and-stick approach combines tens of billions in investment and research funding with subsidies, and regulations designed to discourage driving fossil-fueled cars in big cities.'